Windsor Brokers - Short Term Technical Analysis for Majors (13:30 GMT)

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EUR/USD

Remains in a near-term corrective mode after gains were capped at 1.3700, key short-term resistance zone. Losses through initial 1.3600 support have so far retraced 23.6% of 1.6145/1.3697 ascend, with hourly studies pointing lower and testing their centerlines. Four-hour outlook, however, still keeps positive tone, with 1.3525/00 zone, also 20 day MA, expected to contain dips, to maintain short-term bulls. Regain of 1.3700 opens 1.3800 next, while break below 1.3400/1.3360 would be bearish.

Res: 1.3600, 1.3672, 1.3697, 1.3750
Sup: 1.3564, 1.3523, 1.3500, 1.3455





GBP/USD

Corrective pullback that followed upside rejection under key short-term barrier at 1.5700/14 still holds above 1.5600 handle, 4-hour as 20 day MA at 1.5557 and still positive studies keep focus higher. Hourly outlook weakened, with MACD attempting at midline. Downside loss of 1.5525/00 support would put bulls on hold and open way for further reversal. On the upside, clearance of 1.5700/14 barrier to signal double bottom and resume short-term uptrend towards 1.5750/85.

Res: 1.5662, 1.5687, 1.5700, 1.5714
Sup: 1.5600, 1.5580, 1.5525, 1.5500




USD/JPY

Remains in a recent 50-pips range, as yesterday